Health Insurance News

Taking better care of your employees' health isn't just the right thing to do, it's a smart business decision. There's an abundance of research from leading industry authorities that has unequivocally found that healthier employees are happier and more productive.

This means that unhealthy employees could be hurting your bottom line. How much do unhealthy employees really cost businesses and what can corporate health insurance do to minimise that cost?

When it comes to choosing a health insurance provider, you want be assured that you'll have access to quality healthcare, without any smoke and mirrors. However, according to legal watchdog, the Australian Competition and Consumer Commission (ACCC), some Australians aren't getting the service they deserve.

You might have a suitable health insurance policy, but are you going to be able to pay the increased premium rates come April 1? Depending on your insurer, your premiums will rise by different amounts, but there is a way to avoid having to pay increased rates.

Have you recently looked at the industry weighted premium increases due to commence on April 1 and thought "my health insurance is costing far more than I can afford"? When comparing your health insurance to another, you need to be careful about the conclusions you make.

When was the last time you were forced to hire a new employee because one of your workers left for a competitor? They might have seen a higher pay packet, better corporate structure, or a more attractive benefits package. As many as 40 per cent of employees surveyed by Fast Company in February 2016 listed corporate health insurance as a desirable benefit. The next most popular was paid holiday leave, at 37 per cent.

Do you want your business to one day be rated among the best in the world? It might not be for financial performance or technological innovation, but if you can create one of the greatest company cultures ever, your business would be revered. How can you go about doing that?

As of April 1 this year, health insurance premiums will increase across the industry, and government rebates on private health insurance will decrease. A Department of Health (DoH) media release from February 10 states that the average premium increase for 2017 will be 4.84 per cent - the previous lowest since 2010 was 5.06 per cent.

Do you understand the Medicare Levy Surcharge (MLS)? In order for the health insurance industry to stay viable and for premiums to remain affordable for all Australians, the Howard Coalition government introduced the MLS in the early 2000s. It was a way of encouraging higher income earners who didn't have private health insurance (PHI) to participate in PHI, otherwise they would have to pay a penalty. That's according to Private Health Australia.

If you have used your private health insurance (PHI), you'll understand how valuable it is. In fact, CEO of Private Healthcare Australia Dr Rachel David states that 84 per cent of people with PHI want to keep it, even though the average income of someone with a policy is under $50,000.